WE BUILD, INSTALL, LEASE AND

OPERATE

Q1 2017

BW OFFSHORE

29 May 2017

CEO Carl K. Arnet

CFO Knut R. Sæthre

RECENT HIGHLIGHTS

May 2017 2

Signed cooperation agreement with

ICBCL

Closing of the Dussafu

acquisitions

BW Catcher commissioning

ongoing

EBITDA of USD 62 million- Underlying EBITDA before

impairment USD 75.7 million

1-year extension for Abo FPSO

Received arbitration award for

Sendje Berge

Termination notice received for

Sendje Berge

OPERATIONAL STATUS

3

Uptime

70%

75%

80%

85%

90%

95%

100%

Commercial fleet uptime 100%

Lost time injuries (LTI) frequency of 0.2

HSE record (LTI)Lost time injuries per million manhours

0,0

1,0

2,0

3,0

4,0

5,0

FLEET CONTRACTUAL OVERVIEW

4May 2017

Lease & Operate - fixed period Operation - fixed period Construction / EPC

Lease & Operate - option period Operation - option period

*Rolling 75 day termination notice **In lay-up pending agreement with Petrobras

Unit Type Contract 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Sendje Berge FPSO Lease & Operate Addax/Sinopec, Nigeria: 2005-2018 (2020)

Berge Helene* FPSO Lease & Operate Petronas, Mauritania: 2006-2017

Yúum K’ak’ Náab FPSO Lease & Operate Pemex, Mexico: 2007-2022 (2025)

BW Cidade de São Vicente FPSO Lease & Operate Petrobras, Brazil: 2009-2019 (2024)

BW Pioneer FPSO Lease & Operate Petrobras, US: 2012-2020

BW Joko Tole FPSO Lease & Operate Kangean, Indonesia: 2012-2022 (2026)

Umuroa FPSO Lease & Operate Tamarind, New Zealand: 2007-2017 (2022)

FPSO Polvo FPSO Lease & Operate PetroRio, Brazil: 2007-2018 (2022)

Abo FPSO FPSO Lease & Operate Agip/Eni, Nigeria: 2003-2018 (2023)

Espoir Ivorien FPSO Lease & Operate CNR, Ivory Coast: 2002-2022 (2036)

Petroleo Nautipa FPSO Lease & Operate Vaalco, Gabon: 2002-2020 (2022)

FPSO Cidade de São Mateus** FPSO Lease & Operate Petrobras, Brazil: 2009-2018 (2024)

BW Catcher FPSO Lease & Operate

Azurite FPSO Tendering Murphy, Congo

Belokamenka FSO/ULCC Tendering Rosneft, Russia

BW Athena FPSO Tendering Ithaca, UK

FPSO Peregrino FPSO Operate Statoil, Brazil: 2013-2017

Premier, UK 2017-2024 (2042)

UNIT UPDATE

5May 2017

Abo FPSOContract extension for Abo

FPSO to 31st March 2018

Berge HeleneExtension beyond the

original termination date in

May 2017

75 day termination notice

until the client is ready to

commence with

demobilization

FPSO Cidade de São de MateusRemains in lay-up

USD 250 million in early repair settlement

received in Q1 2017

USD 87 million positive liquidity effect for

BWO after repayment and reduction of the

corporate facility

Sendje BergeReceived arbitration award for the claim

against Addax relating to the outstanding

day rates

USD 18.7 million received in Q1 as partial

payment

Gross claim of USD 61.8 million

outstanding per end Q1 2017

Received termination notice on May 5th

2017

CATCHER – commissioning ongoing

6May 2017

Continues to perform within time and budget

Topside integration nearing completion

Safety Case submitted and internal review

completed by regulator and on track for acceptance

before FPSO sail-away

FPSO scheduled for sail away to the UK in the

summer of 2017

First Oil expected in Q4 2017

USD 850 million incurred by end Q1 2017

BWE: DUSSAFU – progressing as planned

7May 2017

BW Energy Gabon completed in April the

acquisition of 100% interest in Harvest Dussafu

for USD 34 million

Completed an additional acquisition of 25%

working interest in Dussafu production sharing

contract from Pan-Petroleum Gabon for USD

12 million

Now holds a 91.67% working interest in the

Dussafu license

- Panoro Energy holds the remaining 8.33%

Offered the Gabon Oil Company (GOC) a 10%

participation in the field subject to certain

conditions

DUSSAFU – key milestones

8May 2017

2017 Contract award for subsea trees (long lead

items)

2018 Subsea trees arrive in Gabon

Drilling rig on location

Complete 1st well

Complete 2nd well

2017 Contract award for flexible risers/flowlines (long lead

items)

2018 Subsea installation vessels commence work

H2 2018 First Oil target

2017

2018

Contract award for the FPSO (long lead item)

FPSO mobilizes to Gabon

FPSO moored and ready to hook up wells

Q4 2016 SPA signed with Harvest

Q1 2017 SPA signed with Panoro

Harvest shareholder vote to approve sale

Q2 2017 Gabon approval and Harvest closing

Panoro closing

Transactions FPSO

Drilling Subsea

FINANCE

FINANCIALS

10

EBITDAUSD million

0

20

40

60

80

100

120

140

160

180

200 Reported Reported ex one-offsEBITDA of USD 62.0 million

- Provision for overdues of USD 5.8 million on Sendje

Berge

- Additional impairment of USD 13.7 million in trade

receivables

- EBITDA adjusted for additional impairment USD

75.7 million

USD 250 million repair settlement received in Q1

2017

Received USD 18.7 million from Addax as a partial

payment related to the outstanding hire payable

Net debt and equity ratioUSD million and percentage

0%

10%

20%

30%

40%

50%

1 000

1 200

1 400

1 600

1 800

2 000Net debt (USD mill, LHS) Equity ratio (RHS)

INCOME STATEMENT

11May 2017

USD million Q1 2017 Q4 2016 2016

Operating Revenues 159.6 298.2 844.7

Operating Expenses (97.6) (133.9) (421.9)

Share Of Profit From Associates 0.0 0.2 0.6

EBITDA 62.0 164.5 423.4

Depreciation (56.6) (55.9) (224.6)

Amortisations (0.7) (0.7) (2.8)

Impairment 0.0 (223.2) (231.0)

EBIT 4.7 (115.3) (35.0)

Net Interest Expense (11.0) (11.5) (44.5)

FX, Fin. Instruments And Other Financial Items 0.3 17.3 (20.7)

Profit (Loss) Before Tax (6.0) (109.5) (100.2)

Income Tax Expense (9.1) (4.9) (32.7)

Net Profit (Loss) (15.1) (114.4) (132.9)

STATEMENT OF FINANCIAL POSITION

12May 2017

USD million Q1 2017 Q4 2016

Total Non-current Assets 2,766.0 82.9% 2,771.3 82.3%

Total Current Assets 572.1 17.1% 596.6 17.7%

Total Assets 3,338.1 100.0% 3,367.9 100.0%

Total Equity 910.1 27.3% 919.9 27.3%

Total Non-current Liabilities 2,005.1 2,009.6

Total Current Liabilities 422.9 438.4

Total Liabilities 2,428.0 72.7% 2,448.0 72.7%

Total Equity And Liabilities 3,338.1 100.0% 3,367.9 100.0%

USD million Q1 2017 Q4 2016

Reported Interest Bearing Debt 1,756.7 1,741.8

Cash And Deposits (379.1) (106.9)

Net Interest Bearing Debt 1,377.6 1,634.9

CASH FLOW STATEMENT

13May 2017

USD million Q1 2017 Q4 2016 2016

Net Cash Flow From Operating Activities 346.6 78.6 387.5

Net Cash Flow From Investing Activities (55.1) (75.9) (399.7)

Net Cash Flow From Financing Activities (19.3) (8.9) (2.7)

Net Change In Cash And Cash Equivalents 272.2 (6.2) (14.9)

Cash And Cash Equivalent At Start Of Period 106.9 113.1 121.8

Cash And Cash Equivalent At End Of Period 379.1 106.9 106.9

FINANCING

Gross debt

USD million per 31.03.2017

Instalments

USD million per 31.03.2017

0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000

Term loan

RCF

BW Catcher

BW Joko Tole

Umuroa

Petroleo Nautipa

Bond BWO01

Bond BWO02

Bond BWO03

Bond BWO04

Available liquidity including corporate facilities USD 270.5 million

USD 250 million repair settlement received in Q1 2017

- Positive liquidity effect of USD 87 million after repayment of associated debt

0

100

200

300

400

500

600

700

2015 2016 2017 2018 2019 2020 2021 2022

Utilised USD 580 million of USD 800 million bank

financing for the Catcher project

NOK 140 million partial redemption of BWO01

bond

Good headroom to all financial covenants

REVENUE VISIBILITY

May 2017 15

Probable orderbook of USD 6.5 billion Our clients

48%52%

33%

46%

11%

10%

Firm

Option

Premier

Int. E&P

NOC

Petrobras

OUTLOOK

MARKET STATUS

May 2017 17Data source 1: EMA FPS report Q2 2017, based on contracting

dates.

Data source 2: Thomson Reuters Eikon, Avg. yearly Brent

Crude prices by month close

0

20

40

60

80

100

120

0

2

4

6

8

10

12

14

16

18

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Avera

ge B

rent

oil

price

# v

essels

FPSO Orders

Lease Own Lease (est.) Own (est.) Lease/Own (est.) Oil Price

Increase in inquiries and studies

Existing projects being reconsidered

STRATEGIC PARTNERSHIP

May 2017 18

Initiated strategic and financial partnership

with ICBC Leasing (ICBCL)

ICBCL is a global leasing firm with USD 44

billion in total assets and part of the world’s

largest financial group (ICBC)

The agreement provides BW Offshore with

the financial capacity to take on large projects

ICBCL to invest in the Catcher FPSO through

the subscription of preference shares, subject

to both parties’ final approval

EVENT GUIDANCE

May 2017 19

- ICBCL cooperation

agreement

- Addax arbitration

- Dussafu closing

- Abo extension

- Sepia & Libra bid

- Zabazaba bid

- Cidade de São

Mateus agreement

- Umuroa extension

- Catcher preference

share issue

- Peregrino O&M

handover

- Berge Helene

decommissioning

- Sendje Berge

decommissioning

- Catcher First Oil

- Kudu FID

- Buzious 5 bid

- Polvo extension

- Abo extension

- Marlim I & II bids

- Dussafu First Oil

- Cidade de São

Vicente extension

H1 2017 H2 2017 H1 2018 H2 2018

Q&A

May 2017 21